superannuation

Definition

A type of retirement plan set up by a company for the benefit of its employees. These types of plans use funds deposited by the company (defined benefit plan) or by the employee (defined contribution plan), with the funds growing in value until the employee retires. also called pension plan.

Use superannuation in a sentence

We had a superannuation plan that was unlike all the rest because it was very well planned and executed by our staff.

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The superannuation was well received the employees who were most conscious about the looming and eventual retirement from the working world.

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John loved the offer he received from the company. Not only was his pay in excess of what he had hoped for, but they had a great superannuation plan that would fund his retirement activities.

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Insurance and Superannuation Commission approved deposit fund